Delhivery (DELHIVERY) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw revenue from services reach INR 2,294 crore, up 6% YoY and 4.7% QoQ, with total income at INR 2,424 crore, up 6.2% YoY.

• EBITDA grew to INR 149 crore (6.5% margin), up from 4.5% a year ago, and PAT rose to INR 91 crore, a 67% YoY increase.

• Express Parcel and PTL businesses delivered robust volume and revenue growth, with Express Parcel volumes up 14% YoY and PTL tonnage up 15% YoY.

• Ecom Express acquisition completed and integration underway, with most volumes now flowing through the main network and further benefits expected in Q2.

• New services launched, including Delhivery Direct and Delhivery Protect, with continued investment in growth initiatives.

Financial highlights

• Express Parcel shipment volumes grew 14% YoY to 208 million; revenue up 10% YoY to INR 1,403 crore.

• PTL tonnage grew 15% YoY to 458K MT; revenue up 17% YoY to INR 508 crore; PTL EBITDA margin expanded to 10.7%.

• Supply Chain Services revenue declined 21% YoY to INR 205 crore, impacted by strategic exits and seasonality.

• FTL revenue was flat YoY at INR 148-150 crore; Cross Border revenue declined to INR 24 crore.

• Adjusted EBITDA improved to INR 75 crore in Q1 FY26 from INR 55 crore in Q4 FY25.

Outlook and guidance

• Anticipates further margin expansion in Express Parcel (16%-18% range) and PTL as network utilization improves.

• Expects continued volume growth and profitability improvement, with Q2 to reflect full Ecom Express integration.

• Supply Chain Services pipeline is robust, targeting INR 1,800-2,000 crore revenue in three years with 12%+ EBITDA margin.

• Capex intensity to reduce to ~4% of revenue by FY28; corporate overheads expected to decline to 6-7% of revenue.

• Process to exit non-express businesses at Ecom Express initiated.